11.09.26 - 12 Giant U.S. Banks Vulnerable to Disaster
Publish date:
Apr 28, 2009
Summary:
The fragility of American banks can no longer be hidden.
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Imagine this scenario …
The largest economy in the world is on the brink of a financial meltdown that could make the debt debacle of 2008 seem small by comparison.
Its giant banks are buried in bad loans and vulnerable to failure.
Its central government is paralyzed.
Chaos looms.
A Desperate Meeting
One weekend, in a last-ditch attempt to avoid disaster, top finance officials — representing 117 countries and six billion souls — come together and meet.
The officials engage in intense — sometimes frantic — debate. They explore every possible solution known to modern man, plus some that are still not known.
But they’re stumped. They come up with no new ideas.
That’s when the highest finance official of the world’s second-largest economy speaks.
He can barely mask his frustration — and fear — as he calls for massive, unprecedented steps to stem a domino-like series of defaults.
He cites words such as “cascading default, bank runs, and catastrophic risk.” And he bluntly tells the group that time is running out!
But when the meeting adjourns, nothing has been done; no decisions have been made. Instead, the finance officials fly home to the far corners of the globe. They go home to their families. And secretly, they pray the financial collapse does not destroy modern society as we know it.
Unbelievable? Then Consider This…
This was not a fictional scenario. It actually happened EXACTLY as I just described — THIS past weekend!
The economy on the brink of financial meltdown is the European Union. With a GDP nearly $2 trillion larger than the GDP of the United States, it is clearly the biggest economy in the world.
The giant European banks buried in bad loans include France’s Crédit Agricole and Société Générale. With $3.6 trillion in assets between them, they are the largest in the world.
And the high finance official who issued the doomsday warning is none other than U.S. Treasury Secretary Timothy Geithner.
Science Deceptions
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Reformation
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Natural Selection
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Inspiration for these articles comes from Gideon and Hilda Hagstoz' Heroes of the Reformation
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